Significant gains, regulations, and losses from the pandemic in the online gaming industry
Colombia has been one of the countries that have decided to take advantage of the great activity that exists in the best bookmakers and online gambling sites, such as that of best only. co. The local authorities have been easing the restrictions for gambling for several years, becoming one of the leading countries in the field in Latin America.
It was in 2016 that Colombia became the first country in Latin America to establish regulations for gambling. By 2017, the sports betting pages had already been authorized, and about $ 112,076 million dollars were billed.
It is estimated that the gambling sector contributed about 1.5% of Colombia’s GDP at the time. The easing measures have allowed the state to collect taxes from such bets, obtaining large revenues from one of the fastest-growing markets today.
Coljuegos is the entity that regulates games of chance in Colombian lands. These have been in charge of promoting gambling under the corresponding regulations.
One of the great achievements of the online gambling sector is that the profits have been directed to the health sector. The benefit that the Government of Colombia derives from the activity in the casinos or the pages of games or sports betting is enormous.
The regulatory framework contributes to the increase in users in this type of activity since it guarantees safe gambling and prevents scams. The country has been able to take advantage of the growth of this item to serve other sectors.
Gambling in Colombia in 2020
As has happened in the vast majority of industries, the online gambling and gambling sector has been affected by the pandemic. The closure of casinos and bookmakers has generated heavy losses, despite the high flow of users on gaming websites.
According to the complaints received by the Colombian Federation of Luck and Chance Gaming Entrepreneurs, there are 88,000 registered machines that require maintenance. The costs of these would rise to 265,000 million Colombian pesos (more than 65 million dollars).
As for the State, losses of more than 29,000 million Colombian pesos (7 million dollars) are estimated, which, as we have already said, is money that is destined for the health sector. This during the time they were closed for quarantine.
On the other hand, the sports betting pages were affected by the pause of the national and international championships. These represent 90% of the movements that are made online, so the impact of the sports break was tremendous.
On April 16, the Federation provided the casinos with tools to pay for all these debts, mostly maintenance and operations.
The Government has understood for years the importance of gambling in the economy and seeks to regularize its activities to continue taking benefits from the immense number of users of the field, which ultimately generate millions of dollars annually.